SB534 Alabama 2010 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2010
Title
Insurance Department, required to collect information from insurance companies on homeowners insurance policies and premiums by counties and Zip Code and post aggregate information on website, penalties for insurance companies not in compliance, Department of Insurance Transparency Act
Description
<p class="bill_description"> This bill would create the Department of
Insurance Transparency Act</p><p class="bill_description">
This bill would require insurance companies
transacting business in the state to provide policy
and premium information to the Department of
Insurance</p><p class="bill_description">
This bill would require the department to
provide on the department website aggregate data of
the number of homeowner’s insurance policies and
the total dollar amount of premiums collected and
claims pending or paid representing the total of
every insurance company doing business in Alabama</p><p class="bill_description"> This bill would also require the department
to post on the department website a comprehensive
description of the actuarial model used by the
department for homeowner’s risk and other related
data</p><p class="bill_entitled_an_act"> Creating the Department of Insurance Transparency
Act; to require insurance companies transacting business in
the state to provide policy and premium information to the
department; to require the department to provide on the
department website aggregate data of the number of homeowner’s
insurance policies and the total dollar amount of premiums
collected and claims pending or paid representing the total of
every insurance company doing business in the state; to
require the department to post on the department website a
comprehensive description of the actuarial model used by the
department for homeowner’s risk and other related data; and to
provide penalties for insurance company noncompliance.
</p>
Subjects
Insurance Department
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 11, 2010 | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB534 Alabama 2010 Session - Introduced |